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The precious yellow metal is loved and longed for by all women in India. Our obsession with gold is a well-known and undeniable fact. When we say we love buying gold, we usually mean gold jewellery. For the average Indian gold buyer, gold is both an investment and a valuable fashion accessory. And we love to flaunt it every chance we get, don’t we? An Indian woman’s attire and wardrobe are never complete without some form of gold jewellery.
On average, Indians are among the top consumers of gold jewellery, both in India and across the globe. The abundance of jewellery stores strewn across India attests to this. As gold-obsessed people, we believe we have mastered the art of purchasing gold jewellery as we always love to keep track of the gold jewellery price today. Is this, however, correct? Not at all, especially given the quantity of impure gold jewellery floating around the Indian gold market. Most of the time, people are surprised to discover that they were duped into purchasing impure gold jewellery at the expense of high-purity jewels.
As a gold-obsessed nation, the mention of the yellow metal piques our interest. It frequently distracts us from performing the necessary due diligence when purchasing gold jewellery. It’s all too common to make mistakes when trying to buy gold at the best price. However, remembering the dos and don’ts of purchasing gold jewellery can help you get the most out of your investment.
1. To Determine the Purity
The first step is to determine the purity of the gold used to create the jewellery one wishes to purchase. The best way to determine the purity of gold is to look for the hallmarking on the piece of jewellery. The official proportion of gold used is stamped on the hallmark.
The Bureau of Indian Standards (BIS) is the official agency in India in charge of certifying and hallmarking gold jewellery (BIS). So, whenever you buy gold, make sure it is BIS-certified.
2. Be Well Aware of the Basics.
Any piece of jewellery with a hallmark has a unique number that is engraved with the BIS stamp. It also bears the year of hallmarking as well as a mark to identify the jeweller. Find the letter “K” to figure out what the carat is. This denotes karat or the purity percentage. For example, if you buy 22kt gold rings, you are getting 91.6 per cent pure gold. 916 is frequently engraved in jewellery with this carat. Stone-studded ornaments, as well as white and rose gold ornaments, are typically made of 18kt gold, which contains 75% pure gold.
3. Comparison of Prices
Cross-checking the pricing is just as important as checking the hallmarking. The price of gold is determined by its purity. The price of the precious yellow metal fluctuates daily, depending on the market rate. Jewellery stores throughout India display the daily bullion rates for their customers. To get an idea of how to calculate gold prices, subtract the purity of gold from the price of the bullion. Check the gold jewellery price today in your city as it varies.
4. Making Charges
Another critical step in the purchase of gold jewellery is negotiating the making charges. Making jewellery incurs labour costs, which jewellers pass on to buyers. The making fee varies because it is typically a percentage of the current gold price. You have every right to bargain to get the best price for your jewellery.
A few things more things to remember
The first is to avoid purchasing stone-studded jewellery as an investment, such as diamond earrings, ruby bangles, and emerald rings. The issue with stone-studded jewellery is that determining the purity of the stones is difficult.
If you insist on only buying studded jewellery, make sure to check the net weight of the gold and pay accordingly. Studded jewellery also has higher production costs because the intricate designs and patterns are labour-intensive.
Purchasing jewellery is not an easy task. You must pay taxes, and if your purchase exceeds INR 50000, you may be required to share your PAN details. As a result, many people purchase jewellery without receiving a bill from the store. When you exchange or resell the jewellery, this can get you into trouble. Hence, always request a receipt.
With caution and planning, one can indulge in one’s love of gold. Keeping these gold jewellery buying dos and don’ts in mind will ensure you get the most out of your investment, now and in the future.
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